MIRA INFORM
REPORT
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Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
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Name : |
G.R.G.
CORPORATION |
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Registered Office : |
3/F., Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.05.1995 |
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Com. Reg. No.: |
14011441-001-10 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Watch bands, watch
cases, watch movements, watch-analogues, etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name
G.R.G. CORPORATION
Company
ADDRESS
3/F., Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong.
PHONE: 2893 1628
FAX: 2838 0596
E-MAIL: rani@netvigator.com
MANAGEMENT
Manager: Mr. Gurmit Singh
SUMMARY
Establishment: 11th May, 1995.
Organization: Sole Ownership.
Capital: Not disclosed.
Business Category: Importer, Wholesaler and Re-exporter.
Employees: 8.
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
3/F., Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong.
G.P.O. Box 11523, Hong Kong.
Parent Company:-
G R G (H.K.) Ltd., Hong Kong. (See attachment)
BUSINESS REGISTRATION NUMBER
14011441-001-10
MANAGEMENT
Manager: Mr. Gurmit Singh
Sales Contact: Ms. Chan Wing Yee, Annie
SOLE OWNER
G R G (H.K.) Ltd., Hong Kong.
HISTORY
The subject was established on 11th May, 1995 as a sole ownership firm with G R G (H.K.) Ltd. as the proprietor under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Wholesaler and Re-exporter.
Lines: Watch bands, watch cases, watch movements, watch-analogues, etc.
Employees: 8.
Commodities Imported: Imported from Japan, Europe, China, etc.
Markets: Bangladesh, India, Middle East, Pakistan, Philippines, etc.
Terms/Sales: L/C, T/T and D/P.
Terms/Buying: As per contracted.
MEMBERSHIP
The Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Traded at a small profitable angle.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Indian Overseas Bank, Hong Kong Branch.
· Indo Hong Kong International Finance Ltd., Hong Kong.
Standing: Normal.
GENERAL
G.R.G. Corporation is a wholly-owned subsidiary of G R G (H.K) Ltd. which is also located at the same operating address.
The subject imports and exports the following commodities:-
Imports – watch bands, watch cases, watch movements, audio and video products, electric and electronic products, etc.
Exports – watches, watch bands, watch cases, watch movements, watch-analogues, audio and video products, electric and electronic products, plastic products, computers and peripherals, etc.
Its core business is watches and watch parts trading. Watch parts are imported from Japan, Europe while completed watches are imported from Japan, Switzerland and China. Prime markets are Bangladesh, India, the Middle East, Pakistan, the Philippines, etc. Business has been active.
Incorporated in October 1990 and having issued 15,000 ordinary shares of HK$100.00 each, G R G (H.K.) Ltd. is a private limited company jointly owned by Mr. Gurmit Singh who holds 6,000 shares, accounting for 40% interests; Ms. Lakhminder Jeet Kaur, also holds 6,000 shares, accounting for 40%; Mr. Tanu Jeet Kaur Singh, holds 2,400 shares, 16%; and Ms. Annie Chan Wing Yee, 600 shares, 4%. The former three are Indian belonging to the same family. Annie Chan is a Hongkonger and also the contact person of the subject.
Initially G R G (H.K.) Ltd. was located at Flat A, 11/F., 105-111 Thomson Road, Wanchai, Hong Kong, moved to the present address in September 1994.
Having a history of over twenty years, G R G (H.K.) Ltd. has developed long term business ties with a number of suppliers and foreigner clients in Asian countries and in the Middle East.
The subject’s business has been jointly administered by Mr. Gurmit Singh and Ms. Annie Chan.
On the whole, consider the subject good for normal business engagements.
COURT CASES: None per our.
Company name
G R G (H.K.) LTD.
Company ADDRESS
3/F., Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong.
BUSINESS REGISTRATION NUMBER
14011441
COMPANY FILE NUMBER
0290192
DATE OF INCORPORATION
25th October, 1990.
CAPITAL
Nominal Share Capital: HK$1,500,000.00 (Divided into 15,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,500,000.00
SHAREHOLDERS
(As per registry dated 25-10-2010)
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Name |
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No. of shares |
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Gurmit SINGH |
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6,000 |
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Lakhminder Jeet KAUR |
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6,000 |
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Tanu Jeet Kaur SINGH |
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2,400 |
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CHAN Wing Yee |
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600 |
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–––––– |
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Total: |
15,000 ===== |
DIRECTORS
(As per registry dated 25-10-2010)
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Name (Nationality) |
Address |
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Lakhminder Jeet KAUR (Indian) |
Block D, 4/F., Hill Top Mansion, 60 Cloud View Road, Hong Kong. |
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Gurmit SINGH (Indian) |
Block D, 4/F., Hill Top Mansion, 60 Cloud View Road, Hong Kong. |
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Tanu Jeet Kaur SINGH (Indian) |
Block D, 4/F., Hill Top Mansion, 60 Cloud View Road, Hong Kong. |
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CHAN Wing Yee (BNO) |
Flat 1205, 12/F., Block 48, Heng Fa Chuen, Chai Wan, Hong Kong. |
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Tanvir SINGH |
Block D, 4/F., Hill Top Mansion, 60 Cloud View Road, Hong Kong. |
SECRETARY
(As per registry dated 25-10-2010)
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Name |
Address |
Co.
No. |
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Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong. |
0975326 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.69 |
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UK Pound |
1 |
Rs.73.12 |
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Euro |
1 |
Rs.64.39 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.